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US corporation tax rates to be reduced to create ‘level playing field’

According to a recent Breaking Legal News report, Washington is busy with preparing another stimulus measure designed to get the ‘financial crisis’ hard-hit US economy back on track.

President Obama has now come out in the open with his plans to lower the US’scorporate tax. Currently, US corporate tax rates are the highest in the world as every company has to give out 39.5% of its income. Whilst the majority of US businesses work hard to meet the nation’s tax obligations, some of them have been managing to manipulate the system considerably to their advantage and the new measure aims, among other things, to reduce/ eliminate this inequality.

The president’s initiative has so far been met with a warm response by US business groups, but the country’s liberals are furious saying that it ignores the country’s deficit problem and leaves the rich and the near-rich with most of their cash which is contrary to Mr. Obama’s election promises.